More and more Brits tackling their debt problems

21/09/2009

We're spending less and less on credit cards as a way of paying for goods according to the UK Payments Association. It could be a sign that Brits are taking control of their debt problems'>debt problems.

The amount spent on credit cards has fallen by one per cent year on year. And people are taking further steps to reduce their debt – the ratio of credit card repayments was 1.2 per cent higher in the second quarter of 2009 than in the same three months in 2008.

But our love affair with the plastic is far from over. We might be using credit cards less, but using debit cards to pay for goods has grown in popularity.

In the three months leading up to June this year debit card usage rose by 6.9 per cent compared to the same time last year.

If credit card debt seems to be unmanageable, speaking to a professional debt advice company like EuroDebt could provide debt solutions.

They talk to thousands of people with money problems and look at non-borrowing options to provide a way out. Debt Management Plan'>Debt Management Plans or IVAs are increasingly popular options within the firm, which allow a person to make affordable repayments within a reasonable timeframe.

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